Buying the Burrow

DozertheWombat

Hi all,
I've been a very long time lurker on the MFW boards but I've been really inspired by some of the great diaries on here and wanted to start my own to keep me accountable on our LONG journey. 

A bit about us - I'm from the UK but live in Australia with hubby and our four little ones in a surprisingly small house for the (massive) mortgage amount but we love our home and want to make it all ours as soon as possible! We are not starting to overpay this year as we are about to extend so I want to focus on maxing out our emergency fund so from 2021 we can try and throw everything extra at the mortgage.

Our mortgage is very big and our kids are small so I'm very conscious of having a balance between being frugal and enjoying their childhoods. We want to enjoy holidays and trips out but as much as possible on a budget and getting the best deal. 

2020 Aim: EF $25,000
Currently: $20,280 (81%)

DozertheWombat

We follow the Barefoot investor so have the following accounts:
- Daily Expenses
- Splurge (coffees, take aways etc)
- Smile (holidays savings)
I also have separate savings accounts for tax and school fees (my eldest just started school and here you pay a small amount of fees for public school, plus uniforms, swimming lessons, music class)
I've been reading Tillys diary and I think I'm going to open two more saving accounts for insurance paid annually and medical expenses and start transferring money monthly to them so we have better control over our budget

julicorn

Happy new diary! I absolutely love wombats, so got very excited to see your user name and diary

DozertheWombat

Thanks Julie! Nice to have my first visitor and wow you have done so well on reducing your mortgage in two years - will have a look for your diary. I love them too - so cute and snuffly!

A slightly spendy day as we went to a local nature reserve but stopped for an expensive coffee, milkshakes and muffins. However a few years ago we would do brunch and coffees and lunches every weekend whereas this was an unexpected treat and all from splurge so not too upset.

More on the MSE side, a neighbour passed us their kids junior bed so now my toddler is out of a cot and into a big boy bed. Yay! 

BravingSaving

Happy new diary! 

I was having the same conversation with my DH this week about wanting to be MF but still having a nice life and doing things we want to. Getting an emergency fund first sounds very sensible

LeighofMar

Happy new diary and congrats on getting the Efund so close to your target. It makes such a difference when making OPs knowing that you have solid financial footing. Well done. 

DozertheWombat

BravingSaving said:

Happy new diary! 

I was having the same conversation with my DH this week about wanting to be MF but still having a nice life and doing things we want to. Getting an emergency fund first sounds very sensible

Thank you! I'm hoping from next year we can then throw anything extra straight to the mortgage while still having some fun along the way.

DozertheWombat

LeighofMar said:

Happy new diary and congrats on getting the Efund so close to your target. It makes such a difference when making OPs knowing that you have solid financial footing. Well done. 

Thank you! I'm struggling to figure out how to multi quote... but so nice to have visitors and support!

DozertheWombat

An OK week spend wise as we have all had the cold and stayed home (so important given the current times but the kids are missing being out and about for walks and to the parks)

I'm doing a clear out given the building work soon to start and although I've been paying forward many items I've also managed to make $125 this week from FB00k sales so this is going straight to the EF pot. Our childcare in AU has been free during the Covid crisis so I've been fortunate enough to be able to pay this into the EF too but that finishes next week.

I'm also trying to focus on the food bill and my aim for July was to limit it to $1,000 which I appreciate probably seems ridiculously high. While food is expensive here I do hope I can make some savings. I have three still in nappies though which does add to the bill...at least we have recently stopped needing formula!!

ruby_eskimo

I have savings pots dotted all over the place because I like to keep things separate rather than having one big pot and trying to remember what proportion of it is earmarked for what.  Makes it so much easier to keep track of, especially for those things that  you pay annually so you know how much you have to go till you reach the goal.  Also makes it easier when you come to set up standing orders or direct deposits into them from your main account.  Best of luck saving for your emergency fund.

DozertheWombat

Thanks Ruby. 

I haven't updated in a little while. Busy clearing the house and packing everything up ready for the extension to start, money-wise I've started to cost up fittings and I can already see it's going to be difficult to stick to budget... any renovating budget tips from MFWers??

On the positive side, I've sold a few more items and transferred $35 to the EF and I'm doing ok on the shopping challenge. There are two main supermarkets here - MrW and MrC - I've always shopped at MrC but last month realised if I go through a cashback site I can get 5% off online shopping vouchers with MrW so I've switched this month and I have $211 in vouchers left for the month. Yay! Four days left but I don't need much, maybe some bread.